Iconic Preston Springs building has a buyer

CAMBRIDGE — The historic Preston Springs building, a majestic monument to neglect, has been sold.

Two decades of dust and dilapidation appear to be over for the still-impressive shell of a 123-year-old luxury hotel, a gutted but stubborn remnant of a long-lost era.

“I’m just very pleased it’s been sold,” Mayor Doug Craig said Tuesday afternoon. “It’s great for the whole community.”

But who is the latest among many owners of the one-time retirement home last occupied in 1990? Mum was the word at King and Fountain streets, where the famous sulphur springs — that once lured tourists with their mythical healing powers — still flow beneath the five-storey sentinel standing watch over Preston’s core.

After confirming the building had been sold for “fairly close” to the asking price of $1.295 million, real estate broker Karl Innanen would only say the new owner is from Toronto. The buyer is to be identified on Wednesday.

“It won’t be an unfamiliar face,” Innanen said.

“It’s somebody who wants it and wants to do something good with it.”

The building, owned by a King City corporation since 2006, recently went into receivership. The For Sale sign went up three weeks ago. Since then, Innanen led 20 tours of the property and four offers were submitted before last Friday’s deadline.

“They did all their homework up front,” Innanen said of the accepted bid.

Former owner Alan Hodge, who has guarded the structure against vandals over the years, sees a costly challenge ahead for the new owners.

Renovations will not be cheap. It’s a real fixer-upper.

“Hopefully, they can do something with it,” Hodge said. “It’s going to be quite the project. It’ll be in the millions.”

In the past, Preston Springs has served as an international spa, a religious retreat, luxury barracks for female rubber factory workers and a retirement village.

The new owner is still considering options, said Innanen, a Galt native.

“He hasn’t even 100-per-cent decided what it’s going to end up as,” Innanen said.

Iconic Preston Springs building has a buyer

CAMBRIDGE — The historic Preston Springs building, a majestic monument to neglect, has been sold.

Two decades of dust and dilapidation appear to be over for the still-impressive shell of a 123-year-old luxury hotel, a gutted but stubborn remnant of a long-lost era.

“I’m just very pleased it’s been sold,” Mayor Doug Craig said Tuesday afternoon. “It’s great for the whole community.”

But who is the latest among many owners of the one-time retirement home last occupied in 1990? Mum was the word at King and Fountain streets, where the famous sulphur springs — that once lured tourists with their mythical healing powers — still flow beneath the five-storey sentinel standing watch over Preston’s core.

After confirming the building had been sold for “fairly close” to the asking price of $1.295 million, real estate broker Karl Innanen would only say the new owner is from Toronto. The buyer is to be identified on Wednesday.

“It won’t be an unfamiliar face,” Innanen said.

“It’s somebody who wants it and wants to do something good with it.”

The building, owned by a King City corporation since 2006, recently went into receivership. The For Sale sign went up three weeks ago. Since then, Innanen led 20 tours of the property and four offers were submitted before last Friday’s deadline.

“They did all their homework up front,” Innanen said of the accepted bid.

Former owner Alan Hodge, who has guarded the structure against vandals over the years, sees a costly challenge ahead for the new owners.

Renovations will not be cheap. It’s a real fixer-upper.

“Hopefully, they can do something with it,” Hodge said. “It’s going to be quite the project. It’ll be in the millions.”

In the past, Preston Springs has served as an international spa, a religious retreat, luxury barracks for female rubber factory workers and a retirement village.

The new owner is still considering options, said Innanen, a Galt native.

“He hasn’t even 100-per-cent decided what it’s going to end up as,” Innanen said.

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Iconic Preston Springs building has a buyer

CAMBRIDGE — The historic Preston Springs building, a majestic monument to neglect, has been sold.

Two decades of dust and dilapidation appear to be over for the still-impressive shell of a 123-year-old luxury hotel, a gutted but stubborn remnant of a long-lost era.

“I’m just very pleased it’s been sold,” Mayor Doug Craig said Tuesday afternoon. “It’s great for the whole community.”

But who is the latest among many owners of the one-time retirement home last occupied in 1990? Mum was the word at King and Fountain streets, where the famous sulphur springs — that once lured tourists with their mythical healing powers — still flow beneath the five-storey sentinel standing watch over Preston’s core.

After confirming the building had been sold for “fairly close” to the asking price of $1.295 million, real estate broker Karl Innanen would only say the new owner is from Toronto. The buyer is to be identified on Wednesday.

“It won’t be an unfamiliar face,” Innanen said.

“It’s somebody who wants it and wants to do something good with it.”

The building, owned by a King City corporation since 2006, recently went into receivership. The For Sale sign went up three weeks ago. Since then, Innanen led 20 tours of the property and four offers were submitted before last Friday’s deadline.

“They did all their homework up front,” Innanen said of the accepted bid.

Former owner Alan Hodge, who has guarded the structure against vandals over the years, sees a costly challenge ahead for the new owners.

Renovations will not be cheap. It’s a real fixer-upper.

“Hopefully, they can do something with it,” Hodge said. “It’s going to be quite the project. It’ll be in the millions.”

In the past, Preston Springs has served as an international spa, a religious retreat, luxury barracks for female rubber factory workers and a retirement village.

The new owner is still considering options, said Innanen, a Galt native.

“He hasn’t even 100-per-cent decided what it’s going to end up as,” Innanen said.